What must eligible entities do to participate or opt out?
Entities wishing to participate in the Transaction Account Guarantee Program extension do not need to take any additional action. Entities that do not wish to continue in the TAG Program after December 31, 2009 are required to send an email to dcas@fdic.gov by 11:59 p.m. EST on November 2, 2009 stating their intent. The subject line of the email must include: TLGP Election to Opt Out Cert. No._________ . The email should include the following: (i) Institution Name; (ii) FDIC Certificate number; (iii) City, State, ZIP; (iv) Name, Telephone Number and Email Address of a Contact Person; (v) A statement that the institution is opting out of the transaction account guarantee program effective January 1, 2010; and (vi) Confirmation that no later than November 16, 2009 the institution will post a prominent notice in the lobby of its main office and each domestic branch and, if it offers Internet deposit services, on its website clearly indicating that after December 31, 2009, funds held in no
Entities wishing to participate in the Transaction Account Guarantee Program extension do not need to take any additional action. Entities that did not wish to continue in the TAG Program after June 30, 2010 were required to notify the FDIC by April 30, 2010 stating their intent. Entities are encouraged to coordinate their election decisions with other members of their consolidated groups as all members of a holding company must make the same election with respect to each component of the TLGP and with the extensions. A decision by one member of a group to opt-out will be irrevocable and binding on all other group members.
